Utkarsh SFB IPO subscribed 73.84 times on the last day of bidding

The Rs 500 crore Utkarsh Small Finance Bank IPO received a total subscription of 73.84 times on the last day of bidding as it has received strong investor interest with the bids of 890 crore equity shares. 

The retail investors have bought 65.8 times the allotted quota, while the portion set aside for employees has been subscribed 14.47 times. Qualified institutional buyers bought 78.69 times the reserved portion, and the part of non-institutional investors was booked 73.5 times.

The IPO was subscribed 16.2 times on the second day. 

On day two, 16.2 bookings for the problem were made. The NIIs portion of the IPO received 40.81 times as many subscriptions as the retail portion, both were booked 48.6 times. There were 6.51 times subscribed for the QIB category on day 2. 

The Varanasi-based small finance bank planning aims to raise Rs 500 crore via a maiden public issue that was opened on July 12, comprising only a fresh issue. The entire proceeds, barring issue expenses, will be utilised for augmenting its Tier-1 capital base to meet future capital requirements. 

Utkarsh SBF, which was incorporated in 2016 and started operating in 2017, offers a variety of deposit products, such as savings accounts, salary accounts, current accounts, recurring and fixed deposits, and locker facilities.

Source: Media Reports